Royal Bank of Canada grew its holdings in Banc of California, Inc. (NYSE:BANC) by 991.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 432,541 shares of the bank’s stock after buying an additional 392,911 shares during the period. Royal Bank of Canada owned 0.86% of Banc of California worth $9,301,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System increased its stake in shares of Banc of California by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the bank’s stock worth $439,000 after purchasing an additional 200 shares during the period. Arizona State Retirement System increased its stake in shares of Banc of California by 1.2% during the first quarter. Arizona State Retirement System now owns 25,800 shares of the bank’s stock worth $534,000 after purchasing an additional 300 shares during the period. Legal & General Group Plc increased its stake in shares of Banc of California by 0.4% during the first quarter. Legal & General Group Plc now owns 82,701 shares of the bank’s stock worth $1,712,000 after purchasing an additional 354 shares during the period. Texas Permanent School Fund increased its stake in shares of Banc of California by 1.7% during the second quarter. Texas Permanent School Fund now owns 36,493 shares of the bank’s stock worth $785,000 after purchasing an additional 596 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Banc of California by 13.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock worth $129,000 after purchasing an additional 718 shares during the period.
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BANC has been the topic of a number of recent research reports. BidaskClub lowered Banc of California from a “hold” rating to a “sell” rating in a research note on Monday. ValuEngine lowered Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Zacks Investment Research lowered Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods set a $20.00 price objective on Banc of California and gave the stock a “hold” rating in a research note on Monday, August 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $22.67.
Banc of California, Inc. (NYSE BANC) remained flat at $21.30 during trading on Friday. The company’s stock had a trading volume of 115,891 shares. Banc of California, Inc. has a 1-year low of $12.25 and a 1-year high of $23.25. The firm has a market capitalization of $1.02 billion, a P/E ratio of 14.25 and a beta of 0.99. The firm’s 50 day moving average is $19.87 and its 200 day moving average is $20.44.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.04. The firm had revenue of $93.40 million for the quarter, compared to analysts’ expectations of $84.24 million. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. During the same quarter in the prior year, the firm posted $0.59 earnings per share. On average, equities analysts expect that Banc of California, Inc. will post $0.77 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.52 annualized dividend and a dividend yield of 2.44%. Banc of California’s payout ratio is currently 34.67%.
In other news, CEO Douglas H. Bowers purchased 57,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were purchased at an average price of $17.56 per share, with a total value of $1,000,920.00. Following the completion of the acquisition, the chief executive officer now owns 92,000 shares in the company, valued at approximately $1,615,520. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 16.89% of the company’s stock.
About Banc of California
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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